If marginal product is zero, we know that
A) total product is also zero.
B) average product is also zero.
C) total output is maximized.
D) average product is constant.
Answer: C
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Suppose the government launches a successful advertising campaign that convinces workers with high school degrees to quit their jobs and become full time college students. This would cause
A) the unemployment rate to decrease. B) the number of discouraged workers to increase. C) no change in the unemployment rate. D) the labor force participation rate to decrease.
Which of the following is illegal according to the antitrust laws?
A) the use of coupons B) price discrimination based on cost differences C) vertical mergers D) price fixing
If a decrease in the price of good A causes an increase in the demand for good B, then A and B must be complements
a. True b. False
If buyers and sellers in a certain market are price takers, then individually
a. they have no influence on market price. b. they have some influence on market price but that influence is limited. c. buyers will be able to find prices lower than those determined in the market. d. sellers will find it difficult to sell all they want to sell at the market price.